How To Get Business Loan Without Collateral In Nigeria

This is a detailed guide on how to get business loan without collateral in Nigeria.

As a business owner whether small or large scale, getting a business loan in Nigeria that requires no collateral is not impossible.

Loan offers in Nigeria are quite accessible, but they require strict qualifications, procedures, and criteria.

Providing collateral for a loan is one of the biggest challenges small businesses encounter. Hence, in this article, I will show you how to get a business loan without collateral in Nigeria.

Top 13 Online Platforms That Give Business Loan Without Collateral In Nigeria

The following are websites that offer loans without collateral in Nigeria:

1. Grofin

Grofin is one of the top online platforms to get business loan without collateral in Nigeria. Businesses all around Africa and the Middle East can obtain investment services from this organization.

Their funding for small and medium-sized businesses also extends to South Africa, Nigeria, Ghana, and the Ivory Coast, to name a few. Grofin makes an offer that can be as much as $1.5 million in total.

Learn more about Grofin.

2. Aella Credit

With the aid of technology, Aella Credit, a mobile Fintech company, reaches out to SMEs in need of loans.

Additionally, they hope to develop products and establish themselves as pioneers of financial inclusion in Nigeria and other West African nations. Every day, their influence grows

Learn more about Aella Credit.

3. Specta by Sterling Bank

Specta is one of the best platforms to get urgent loan in Nigeria without collateral. Specta is a fast loan platform that is quickly growing and provides financial services to both SMEs and individuals is Specta.

You have the chance to access up to N5 million in 5 minutes with them, which is owned by Sterling Bank. Additionally, company owners and corporations can readily access and receive it.

Specta Website


SMEDAN provides financing and subsequently promotes the growth of small and medium-sized businesses.

Firms in these areas, not only monitor, but also organize, create, and express policy proposals, which aids in their expansion.

Learn more about SMEDAN.

5. Lydia

This is an internet lending platform for unsecured startup business loans in Nigeria, Europe, and the US.

As a result, Lydia gives you the chance to grow your company and make more money. Their loans are available in three easy steps and give sums in the millions.

Learn more about Lydia.

6. Zedvance

Zedvance is another top online platform to get business loan without collateral in Nigeria. You can apply for up to N5 million with a duration of up to 18 months using Zedvance.

Amazingly, you can finish the entire process and get credited in a short amount of time.

Learn more about Zedvance.

7. Branch

Branch Loan is made to meet unique requirements and support users’ development. With a repayment period of 4 to 40 weeks, their loans range in amount from $1,000 to $200,000.

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Greater loan amounts become available as you establish credit with Branch, and all loans are approved, issued, and paid back immediately through the app.

Branch is popular because they don’t impose rollover or late fees, either. They also offer a quick and helpful customer care team that is accessible via the app around the clock.

Learn more about Branch.

8. Kiakia

Your credit history is not taken into account when Kiakia offers you loans. Instead, they utilize a sophisticated system combining machine learning and digital forensics to rate your credit.

If you are successful, access to large quantities is given to you for your business loan. Millions of people and SMEs throughout the nation are currently receiving loans from Kiakia.

Learn more about Kiakia.

9. Carbon

You can get loans as a startup using Carbon, a platform that was formerly known as Pay later and later changed its name to Carbon.

Also, there is no need for collateral for the loan, which has a maximum amount of N500,000.

Surprisingly, they have a simple application process and may transfer the money in 1 to 3 days after receiving your application.

A higher maximum amount is also available for your subsequent loan if you make on-time loan payments.

Learn more about Carbon.

10. One Fi

A loan provider that provides SMEs with short-term services is one fi, formerly known as one credit. However, before approval, they perform a background investigation to determine your credibility.

They offer up to N200,000 in loans with terms of three to six months.

Learn more about One Fi.

11. C24

C24 is a microfinance organization that was founded specifically to support small businesses in realizing their goals.

They achieve this by making necessary financing accessible without the use of collateral.

Additionally, the C24 loan process may be completed online for convenience, and its turnaround time is significantly less than that of conventional rates.

C24 Website.

12. Fast Credit

Fast credit loan app is a legitimate loan app that offers users microloans up to a maximum of N500,000, however, it has extremely high-interest rates and flaws that make registration difficult.

Any online loan should be approached with caution. Before you apply for a loan in Nigeria, always read feedback from previous clients.

Fast Credit.

Also See: Top 12 Profitable Investment Opportunities in Nigeria

Banks That Give Business Loans Without Collateral

Outside these loan websites, there are also banks that offer business loans without collateral in Nigeria.

1. First City Monument Bank [FCMB] Limited

FCMB, regarded as one of Nigeria’s top financial institutions, keeps providing its clients with top-notch services. The following unsecured loans are offered by FCMB:

  • Auto Loan
  • Salary Top-Up Loan
  • Fastcash Loan
  • Premium Salary Loan

FCMB Loan website.

2. WEMA Bank

It is simpler to get a loan from WEMA Bank without collateral if you maintain a salary current account or savings account. The maximum loan amount is N2 million, or seven times the borrower’s net monthly earnings.

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Only confirmed employees are eligible for the 48-hour loan disbursement period of the Wema loan.

WEMA Bank loan website.

3. Stanbic IBTC

Another Nigerian bank that offers personal and commercial loans is a subsidiary of the Standard Bank Group.

This is one of the banks in Nigeria that would provide you with a loan even if you don’t have a salary account.

The terms are based on a one- to five-year payback schedule. Monthly payments are made during this time period.

Stanbic IBTC Loan Website.

4. Zenith Bank

The Zenith Bank offers a variety of loans, including SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loans, Leases, Bonds & Guarantees, and Retail Loans for Schemes.

You can see how to get a loan from Zenith bank here.

5. Fidelity Bank

The SME-friendly bank has won numerous accolades and recognitions to secure a position in the retail banking industry.

A corporate and personal lending program without collateral is run by Fidelity Bank under the name FEALS.

Customers can purchase home furnishings, new cars, generators, inverters, computers, and other items at FEALS. The approval time is 48 hours, and the minimum contribution is as little as 20%.

Learn more about Fidelity Bank loans.

6. First Bank

Private school operators who require additional finances can apply for a FirstEdu loan through FirstBank. It offers a maximum loan sum of N10M with a 9-month account relationship.

Additionally, only private schools that have registered with the Corporate Affairs Commission [CAC] are eligible to use FirstEdu. Moreso, it considers the population of 100 students.

First Bank loan site.

7. United Bank for Africa [UBA]

The well-known “No Wahala Loan” and personal overdraft are both connected to UBA. Debtors have the right to spend a little more money on what they desire.

To fix your automobile, cover medical expenses, or handle other crises, you might need some extra income. It is entirely up to you how you intend to use your loan.

Learn more about UBA loans.

8. GT Bank

One loan option from GTBank that is very simple and quick to secure is GTBank Quick Credit. Within two hours of acceptance, the money is in your bank account.

The more intriguing aspect of this loan is that you can only apply by dialing a shortcode.

Like others, you can apply without any papers or supporting evidence. With the help of the GTBank Quick Credit Loan, you may easily borrow up to N5 Million.

9. Access Bank

You can obtain several quick and low-interest loan choices from Access Bank through the smartphone app Access Bank Quick Bucks.

All you need to do to start the process is download the Access Bank Quick Bucks app.

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Get more information here

4 Steps To Get A Business Loan Without Collateral In Nigeria

Beyond knowing the different online platforms and banks to get business loan without collateral in Nigeria, it is also important to know the steps to take to ensure to ensure a smooth process.

1. Consider Your Choices

Knowing your choices is the first step in obtaining a business loan without collateral. There will be extensive research required.

Different lenders provide non-collateral loans, however, the terms and conditions for acceptance can vary greatly.

2. Put Together Your Documents And Examine Your Business Accounts.

The kind of loan you want is much more likely to be granted if your account is current. It’s important to make sure your finances are in order by assessing your company and its entire financial status.

Some non-collateral small business financing may be harder to qualify for than others.

Also, this would entail updating your balance sheet, preparing important financial papers like a profit and loss account and a cash flow statement, as well as monitoring your company’s spending and total cash flow.

It would also entail verifying your personal and corporate credit scores.

3. Be Ready To Provide Personal Assurance.

While you might be able to obtain a small business loan without having to provide collateral, it doesn’t guarantee that the lender won’t impose additional requirements.

In fact, you can be required to sign a personal guarantee.

An assurance that you will personally pay back the debt incurred by your company is known as a personal guarantee.

No-collateral loans and small-business credit cards frequently require personal guarantees. The guarantee gives the lender the right to sue you personally to recoup an unpaid debt since it has no collateral it can attach if you don’t pay.

4. Think Through The Terms Thoroughly

Read the terms and conditions after applying for and receiving the loan. This is a crucial step before signing anything.

Considerations like the interest rate, the payment schedule, and the loan length should all be carefully considered when reading the loan agreement.

If you are a business owner or you intend to start up a business, you should look into any of these online platforms or banks.

Ensure you also follow the steps provided above as they will enable you to get a hitch-free business loan with no collateral.

That’s all on how to get business loan without collateral in Nigeria.

We hope this article was helpful to you.

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